MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Tuesday, May 22
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6:07 PM VMware (VMW) is acquiring Wanova, a developer of software for managing and syncing enterprise PC "images" that contain a user's apps and data, for an undisclosed sum. Wanova's software should strengthen VMware's offerings for the PC virtualization market, a business where (unlike server virtualization) the company trails Citrix Systems (CTXS), and also faces strong competition from Dell's (DELL) Wyse Technology unit. Comment!
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5:49 PM RailAmerica (RA) +8.7% AH after announcing, in response to market rumors, its board is considering strategic alternatives, which may include a sale of the company. Comment!
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3:14 PM More on SAP/Ariba: The purchase follows SAP's $3.4B acquisition of cloud HR software vendor SuccessFactors, and gives it a set of products and services that complement its core ERP software solutions. Also, Ariba's market leadership means there are no major rivals Oracle (ORCL) can acquire in response, though SciQuest (SQI +1.6%), a much smaller competitor, is rallying a bit. SAP is nearly unchanged, Ariba will resume trading at 3:15 PM ET. 1 Comment
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3:13 PM ConAgra Foods (CAG +0.3%) acquires Kangaroo Brands' pita chip business for an undisclosed sum. The company says the acquisition is a good fit in its strategy for growing its presence in private label foods. Comment!
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2:59 PM SAP is acquiring cloud spend management software/B2B e-commerce network owner Ariba (ARBA) for $45/share in cash, or $4.3B. The price represents an 18% premium to Ariba's final trade before shares were halted at 2:30 PM ET. The deal will be funded using a combo of SAP's existing cash and a €2.4B term loan facility. SAP expects it to close in Q3, and be accretive to 2013 EPS. (PR) (previous) Comment!
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1:17 PM As Dish Network (DISH) tells the FCC to wait until at least 2016 for a 4G network launch, MetroPCS (PCS) and T-Mobile (DTEGY.PK) are calling for the agency to require Dish to sell half of its 40 MHz. of spectrum. Like others, the carriers think Dish will try to sell some or all of its spectrum to Verizon Wireless (VZ, VOD and/or AT&T (T), thereby putting smaller rivals at a disadvantage. Comment!
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12:33 PM United Tech (UTX +0.9%) CEO Louis Chenevert tells an investor conference that he's confident that the company's $16.5B acquisition of Goodrich (GR +0.4%) will close in July despite the EU giving itself until the end of August to complete an antitrust review. "We have done the right things to wrap this deal up," Chenevert says. Comment!
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11:03 AM Now that the merger is official, Bloomberg BusinessWeek has published a lengthy piece on Google's (GOOG) plans for Motorola (MMI), and the background of new Motorola chief Dennis Woodside. Woodside promises not to ask for special treatment from the Android unit, but wants to use Google's resources towards goals such as improving battery life and camera image quality. It's added Google will be creating a new Motorola R&D lab focused on advanced technology projects. Comment!
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10:48 AM Nordson (NDSN) +9.4% after its guidance yesterday offsets an FQ2 miss. Net profit -20% to $52.1M as lighter organic volume and higher expenses weakened margins. Nordson also announced the $200M buy of extrusion-dies producer EDI. In FQ3, Nordson expects EPS of $0.96-$1.04 vs. forecasts of $0.86 and revenue of $337M-$$349M vs. $326M. Comment!
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9:13 AM EMC has acquired Syncplicity, a provider of enterprise cloud storage services, for an undisclosed sum. Snycplicity, whose services compete with Box (formerly Box.net) and Dropbox, complements EMC's Documentum content management software business, and provides it with another value-added service to sell. The purchase comes shortly after a major product refresh that emphasized the cloud-readiness of EMC's solutions. There's some overlap between Syncplicity and VMware's (VMW) Project Octopus. Comment!
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9:08 AM EDGAR Online (EDGR) agrees to be acquired by R.R. Donnelley (RRD) for $70.5M, which includes $1.092 per common share, assumption of debt and payment of an amount equal to the redemption price of the preferred shares. EDGR trading halted. 1 Comment
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9:01 AM BlackRock (BLK), along with Waddell & Reed (WDR) and Norway's SWF purchase a 20% stake in Formula One Group from CVC Capital Partners for $1.6B ahead of its Singapore IPO (expected next month). Comment!
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9:01 AM Shares of Benihana (BNHN) come off a trading halt to move up 21.3% premarket after receiving a go-private offer from Angelo, Gordon & Co. Following P.F. Chang's China Bisto own rocket ride after going private earlier this month, a number of other similar-sized restaurant sector names could be on watch. KONA, CHUX, BHRI, TXRH, CASA. Comment!
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8:27 AM Benihana (BNHN) will go private, agreeing to be acquired by Angelo, Gordon & Co.'s Private Equity Group for ~$296M; the $16.30/share price represents a premium of 46% over the average closing price for the 30 days ended March 13, 2012, when BNHN announced it was exploring strategic alternatives. Trading halted. Comment!
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7:43 AM CME Group has been eliminated from the bidding process to purchase the London Metal Exchange (LME), say sources, leaving just the ICE and Hong Kong Exchanges and Clearing as possible suitors. Comment!
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3:29 AM Blackstone (BX) will buy Accor's troubled U.S. budget hotel business for $1.9B. Accor, a French hotel group, is trying to focus on growth outside the U.S., while Blackstone wants to invest "significant capital" in Motel 6 properties to "accelerate the expansion of the franchise base." Comment!
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